BetterTomorrowtoo corrupted this country, authority with this type of stock and this type of counter, it has to be manipulated stock.

24/10/2018 11:34 AM

BetterTomorrowdon't tell me property and at Bentong can bring profit to this company. where is the logic? any one who ask the developer about their sales , all replied with same answer, cant sell. so what make this VC so good?

stewardChinkang From 0.085 to 0.09 is just raise 5.9%, right issue at 0.15, the price should push higher to make the right issue looks cheaper, so market is willing to “accept” this proposal. 24/10/2018 10:47

15cents is price after consolidated. So now worth only 7.5cent. Be careful. Guys

PH_betterOverall Performance Overall, the Group’s revenue for the current quarter as compared to the preceding year corresponding quarter has increased due to the increase in revenue from IT and ICT Division and Construction Division. The increase in revenue in the IT and ICT Division was mainly attributable to the increase in consumer spending pending introduction of Sales and Services Tax (“SST”). Whereas, the increase in revenue in Construction Division was as a result of contract revenue recognised on warehouse construction. The Group recorded a PBT in the current quarter mainly due to the profits derived from IT and ICT Division. IT and ICT Division The increase in revenue for the current year to-date as compared to the preceding year corresponding period was mainly due to the improved sales attributable to the increased consumer spending pending the introduction of SST. This has led to the increase in PBT in IT and ICT Division.

InfiltraderKUALA LUMPUR (Dec 11): Vortex Consolidated Bhd is taking over a mixed development project in Kajang with a gross development value (GDV) of more than RM340 million, in line with its business diversification into the property sector.

It is doing this by acquiring an 85% stake in a loss-making private property firm, Paris Dynasty Land Sdn Bhd, for a nominal cash consideration of RM100.

Voretex — formerly known as SKH Consortium Bhd — said in a filing today that Paris Dynasty owns a 2.8-acre piece of freehold land and the existing property development project, The Louvre, on the land.

The Louvre comprises 30 units of lifestyle retail shoplots and a block of 34-storey serviced apartment housing a total of 498 units, of which 56% and 17% of retail and residential units, respectively, are taken up.

Construction work commenced in March 2015 and is currently 20.2% completed.

The project's GDV is estimated at RM341.81 million while gross development costs are estimated at RM285.34 million.

Vortex said the purchase consideration was arrived at on a willing-buyer willing-seller basis, after taking into account Paris Dynasty’s accumulated losses and its cash flow management in handling the contractors, suppliers, lenders, as well as the management of slow progress in the development project.

“With the new investor’s involvement, they believe the development project could be better managed. Retaining a shareholding of 15% would also enable the vendor (Paris Dynasty) to share the expected profits from the development project in future compared to the current conditions which may not be favorable to the vendor.

“The development project would contribute positively to the future earnings of Vortex Group and improve the financial position of Vortex Group via additional revenue and earnings contribution from the development project as well as reduce Vortex Group’s dependency on the existing business,” read the filing.

Vortex said the acquisition, which is expected to be completed in the fourth quarter of its financial year ending March 31, 2019, will reduce its earnings per share by 0.16 sen.

However, it is expected to have a positive impact on the future earnings of the group once the potential benefits from the development project is materialised over the project period, it said.

Vortex proposed to diversify its business to include property development and property investment in August, to reduce reliance on its existing business in the ICT and construction sectors.

Its shares settled unchanged at nine sen at market close today, for a market capitalisation of RM54.89 million.